Section 1867-A. Federal insurance or guaranty; taxable bond option

(a) The
  authority is authorized to obtain from any department or agency  of  the
  United  States  of  America or non-governmental insurer any insurance or
  guaranty, to the extent now or hereafter available, as to, or of, or for
  the payment or repayment of interest or principal, or both, or any  part
  thereof,  on  any  bonds  or  notes  issued  by the authority, or on any
  municipal obligations of governmental units or cooperatives purchased or
  held by the authority; and to enter into any agreement or contract  with
  respect to any such insurance or guaranty, except to the extent that the
  same  would  in  any  way  impair  or  interfere with the ability of the
  authority to perform and fulfill the terms of any  agreement  made  with
  the holders of the bonds or notes of the authority.
    (b)  The  authority  may  covenant  and  consent  that the interest on
  certain of its bonds shall be includible,  under  the  Internal  Revenue
  Code of 1954 or any subsequent corresponding internal revenue law of the
  United  States,  in  the gross income of the holders of the bonds to the
  same extent and in the same manner that the interest  on  bills,  bonds,
  notes  or  other  obligations  of the United States is includible in the
  gross income of the holders thereof under said Internal Revenue Code  or
  any such subsequent law.